Tether will not be able to avoid the publication of data on the composition of USDT reserves

The US Supreme Court refused to grant the petition of the USDT issuer aimed at banning the publicationCoinDesk information on the detailed composition of stablecoin reserves.

Petition filed by the Tether team inThe New York State Supreme Court's request to block the viewing of documents detailing the composition of Tether's reserves over the past few years was denied.

“The New York Supreme Court has rejected Tether’s petition to stop the publication of documents detailing the composition of Tether’s reserves over the past few years,” the decision reads.

In February, lawyers representing the issuerstablecoin Tether and its parent company iFinex, filed a lawsuit with the New York Attorney General's Office (NYAG) against the information resource CoinDesk in connection with the publication of Tether reserves.

"The records in question include carefullysecure, non-public internal records of Bitfinex and Tether that were developed at significant cost and could not be acquired by its competitors except through this FOIL request,” the statement said.

It is likely that the decision of the US Supreme Court is connected withsuddenly increased risks for investors and the financial system itself from the stablecoin market and the reputation of Tether. According to the USDT stablecoin issuer’s latest attestation, Tether’s consolidated assets exceeded its consolidated liabilities by $140 million in February 2022. The issuer posted a report on the results of the last attestation, where it admitted that it reduced its holdings in securities by more than one-fifth in September-December. The report states that Tether's reserves fell from $30.5 billion to $24.2 billion.

In 2021, the Commodity Trade CommissionFutures Exchange (CFTC) fined Tether and Bitfinex a total of $42.5 million for statements that mislead investors and illegal transactions with US citizens.

</p></p>